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Resource America, Inc. Reports Earnings for First Fiscal Quarter Ended December 31, 2021
Resource America, Inc. And Subsidiaries
Consolidated Statements Of Income
(Unaudited) |
| |
Three Months Ended December 31, |
| |
1999
|
1998
|
| |
(in thousands, except per share data) |
| Revenues |
|
| Real estate finance |
$ 6,651 |
$ 10,001 |
| Equipment leasing |
14,451 |
4,406 |
| Energy |
15,924 |
15,126 |
| Interest and other |
850
|
1,103
|
| |
37,876 |
30,636 |
| Costs And Expenses |
|
| Real estate finance |
734 |
478 |
| Equipment leasing |
2,241 |
2,033 |
| Energy |
11,456 |
11,346 |
| General and administrative |
1,850 |
988 |
| Depreciation, depletion and amortization |
3,229 |
1,627 |
| Interest |
11,901 |
3,995 |
| Provision for possible losses |
1,858
|
537
|
| |
33,269
|
21,004
|
| Income from continuing operations before income taxes, extraordinary item and cumulative effect of a change in accounting principle |
4,607 |
9,632 |
| Provision for income taxes |
1,570
|
3,456
|
| Income from continuing operations before extraordinary item and cumulative effect of a change in accounting principle |
3,037 |
6,176 |
| Discontinued operations: |
| Loss from operations of subsidiary, net of taxes of $366 |
-
|
(732)
|
| |
3,037 |
5,444 |
| Extraordinary item, net of taxes of $63 and $150 |
122 |
291 |
| Cumulative effect of change in accounting principle, net of taxes of $369 |
-
|
(471)
|
| Net income |
$ 3,159
|
$ 5,264
|
| Net income per common share - basic: |
| From continuing operations |
$ .13 |
$ .28 |
| Discontinued operations |
- |
(.03) |
| Extraordinary item |
.01 |
.01 |
| Cumulative effect of a change in accounting principle |
-
|
(.02)
|
| Net income per common share - basic |
$ .14
|
$ .24
|
| Weighted average common shares outstanding |
23,318
|
21,871
|
| Net income per common share - diluted: |
| From continuing operations |
$ .13 |
$ .28 |
| Discontinued operations |
- |
(.03) |
| Extraordinary item |
- |
.01 |
| Cumulative effect of a change in accounting principle |
-
|
(.02)
|
| Net income per common share - diluted |
$ .13
|
$ .24
|
| Weighted average common shares |
23,742
|
22,393
|
Resource America, Inc. And Subsidiaries
Consolidated Statements Of Cash Flows
(Unaudited) |
| |
Three Months Ended December 31, |
| |
1999
|
1998
|
| |
(in thousands) |
| Cash Flows From Operating Activities: |
| Net income |
$ 3,159 |
$ 5,264 |
| Adjustments to reconcile net income to net cash provided by operating activities: |
| Depreciation, depletion and amortization |
3,229 |
1,627 |
| Amortization of discount on senior notes and deferred finance costs |
406 |
269 |
| Amortization of initial direct costs |
766 |
- |
| Provision for possible losses |
1,858 |
537 |
| Loss from operations of discontinued subsidiary |
- |
732 |
| Gain on asset dispositions |
(1,257) |
(4,613) |
| Property impairments and abandonments |
381 |
- |
| Deferred income taxes |
(599) |
(975) |
| Accretion of discount |
(1,734) |
(2,946) |
| Collection of interest |
3,286 |
3,716 |
| Extraordinary gain on debt extinguishment |
(122) |
(291) |
| Cumulative effect of change in accounting principle |
- |
471 |
| Change in operating assets and liabilities: |
| Increase in accounts receivable and other assets |
(5,474) |
(7,130) |
| Increase in accounts payable and other liabilities |
14,563
|
8,220
|
| Net cash provided by operating activities of continuing operations |
18,462 |
4,881 |
| Cash Flows From Investing Activities: |
| Cost of equipment acquired for lease |
(135,560) |
(39,703) |
| Capital expenditures |
(2,239) |
(4,571) |
| Principal payments on notes receivable |
68,841 |
- |
| Proceeds from sale of assets |
23,752 |
33,306 |
| Increase in other assets |
(4,223) |
(873) |
| Investments in real estate loans and ventures |
(1,389) |
(8,981) |
| Increase (decrease) in other liabilities |
372 |
(9,906) |
| Payments received in excess of revenue recognized on leases |
39,753
|
1,392
|
| Net cash used in investing activities of continuing operations |
(10,693) |
(29,336) |
| Cash Flows From Financing Activities: |
| Net change in warehouse borrowings |
8,095 |
1,125 |
| Non recourse borrowings |
208,219 |
25,300 |
| Principal payments on non recourse borrowings |
(191,868) |
(25,524) |
| Other borrowings |
3,252 |
- |
| Principal payments on other borrowings |
(1,996) |
(2,449) |
| Dividends paid |
(778) |
(739) |
| Increase in restricted cash |
(27,132) |
- |
| Repayment of ESOP loan |
8 |
- |
| Increase in other assets |
(807) |
(60) |
| Proceeds from issuance of stock |
78
|
322
|
| Net cash used in financing activities of continuing operations |
(2,929)
|
(2,025)
|
| Net cash used in discontinued operations |
(217)
|
(1,175)
|
| Effect of exchange rate changes on cash |
(60) |
- |
| Increase (decrease) in cash and cash equivalents |
4,563 |
(27,655) |
| Cash and cash equivalents at beginning of period |
42,643
|
77,025
|
| Cash and cash equivalents at end of period |
$ 47,206
|
$ 49,370
|
Results of Operations: Equipment Leasing
The following table sets forth certain information relating to the revenues recognized and costs and expenses incurred in the Company's equipment leasing operations during the periods indicated (unaudited):
| |
Three Months Ended December 31, |
| |
1999
|
1998
|
| |
(in thousands) |
| Revenues: |
| Small ticket leasing: |
| Interest and fees |
$ 13,765 |
$ 1,402 |
| Gains on sales of leases |
280 |
2,244 |
| Partnership management |
406
|
760
|
| |
$ 14,451
|
$ 4,406
|
| Costs and expenses: |
| Small ticket leasing |
$ 1,893 |
$ 1,419 |
| Partnership management |
348
|
614
|
| |
$ 2,241
|
$ 2,033
|
Results of Operations: Energy
The following tables set forth certain information relating to revenues recognized and costs and expenses incurred in the Company's energy operations during the periods (unaudited):
| |
Three Months Ended December 31, |
| |
1999
|
1998
|
| |
(in thousands) |
| Revenues: |
| Production |
$ 5,461 |
$ 2,520 |
| Well drilling |
7,154 |
10,401 |
| Well services |
3,309
|
2,205
|
| |
$ 15,924
|
$ 15,126
|
| Costs and expenses: |
| Exploration and production |
$ 2,383 |
$ 1,322 |
| Well drilling |
6,728 |
9,313 |
| Well services |
2,345
|
711
|
| |
$ 11,456
|
$ 11,346
|
Results of Operations: Real Estate Finance
The following table sets forth certain information relating to the revenue recognized and cost and expenses incurred in the Company's commercial real estate finance operations during the periods indicated (unaudited):
| |
Three Months Ended December 31, |
| |
1999
|
1998
|
| |
(in thousands) |
| Revenues: |
| Interest |
$ 3,797 |
$ 3,716 |
| Accreted discount |
1,734 |
2,946 |
| Fees |
17 |
969 |
| Gains on sales of senior lien interests |
- |
2,370 |
| Gains on sales of loans |
984 |
- |
| Loan payments in excess of carrying value |
73 |
- |
| Net rental income |
46
|
-
|
| |
$ 6,651
|
$ 10,001
|
| Costs and Expenses |
$ 734
|
$ 478
|
|
|
|
